Need algebra help with Average cost- Marginal Cost

Nov 16th, 2015
Price: $15 USD

Question description

1.[Average cost- Marginal Cost Analysis]If the total cost of making x gallons of Exall is C(x) dollars whereC(x) = 100+3x+0.01x2.(a)Find the expression for the marginal cost of the xth gallon, which isC(x)−C(x−1).(b)Find the marginal cost of the tenth gallon. (c)Find the marginal cost of the fiftieth gallon. (d)Recall marginal cost is defined using the derivatives asMC(x) =dC(x)dx.Write the expression for the marginal cost in terms of the derivatives.(e)Find the marginal cost of the tenth and fiftieth gallon using the derivative of the total cost function.(f)Explain the difference in values you obtained using the two methods. (g)Find the average cost of producing x gallons of Exall denoted by AC(x). (h)Solve for the output x for which the marginal cost and the average cost are equal, i.e.,AC(x) = MC(x).Denote this output as x∗.(i)Verify by drawing graph of the cost function AC(x) that the average cost attains it’s minimum at x∗.

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